Not unless hard drives grow by a few more orders of magnitude.
My DVD collection consists of well over 100 discs, including whole-series box sets of my favorite TV shows. We're talking about well over 1000 hours of programming.
Now, I don't know exactly what compression ratio you can expect from all this, but I can come up with a ballpark figure. SD television is a resolution of 720x480 at 30 frames per second. At 24-bit color, this is about 31MB per second, or 111GB per hour, uncompressed. If we assume 50:1 compression, we're looking at about 2.2GB per hour, which fits in with a ballpark estimate (a TV show DVD typically holds four episodes of 45 minutes each. 3 hours at this rate is 6.7GB - which is about how much a commercial double-layer DVD holds.)
The largest 1.8" (iPod-size) hard drive made today is 80G, which means about 35 hours of content. The largest 2.5" (laptop-size) hard drive is 100G, meaning 44 hours. The largest 3.5" drive is 400G, meaning 178 hours.
Even if you manage to squeeze another 2:1 or 3:1 compression out of the video, you're still a far cry from being able to carry your entire DVD collection around in your pocket.